I put up a fanshot a few minutes ago about this and have since found new information that I thought made a full post more appropriate.
Former Baylor basketballer Richard Hurd, a walk-on who joined the team in 2004-2005, was arrested on Friday night and charged with connection to an attempted extortion attempt of former Baylor QB Robert Griffin III. He was arraigned this morning in front of U.S. Magistrate Jeffrey C. Manske, who set his bail at $25,000.
Someone on twitter pointed me in the direction of the latest from the Waco Trib, which states:
"Hurd communicated that he had derogatory information on a client of B.D., and that he intended to release that information to the media to damage or injure the reputation of B.D.’s client unless the client paid Hurd a substantial sum of money," states the affidavit.
"B.D." is apparently an agency associated with representing RG3, and I imagine that they were the ones who reported the situation to the FBI. To date, there has been no comment from RG3, his family, or the Redskins. Baylor MBB coach Scott Drew has declined to offer and comment, as has Art Briles, Baylor's head football coach.
As soon as more information becomes available, I'll update this post.
EDIT: I've seen a few rumors flying around about Hurd's possible motivations/background, but until something is confirmed, I'm not going to repost gossip that might obfuscate the situation.
UPDATE: Hurd has now been released from jail in Waco after authorities there received a fax from the FBI, so it appear he has made bail.